Sometimes a comedown can be reassuring.
With stock market indexes at record highs and equities volatility at a low not seen since 1993, some market observers wonder whether investors are being complacent. But new data shows that six months into the Trump era, investors who manage $1 million or more in a brokerage account have come a long way down from their post-election market euphoria. But they do remain baseline bullish on the stock market and the economy.
The drop in millionaire investor outlook is significant.
Sixty-one percent of self-directed investors with $1 million or more in a brokerage account say they are bullish on the current market, but that's down from 74 percent who said they were bullish in the second quarter, according to a survey of wealthy investors conducted by E-Trade Financial and provided exclusively to CNBC. The percentage of bearish millionaire portfolios spiked to 39 percent in July from 26 percent in the second quarter.
The majority of million-dollar accounts are staying in the market, but with diminished expectations.
"These presumably more experienced investors know the market won't move in one direction forever," said Mike Loewengart, vice president of investment strategy at E-Trade. "They're seeing these gains they've experienced, and because many have been through various market environments, they know it won't persist forever."